Dive Brief:
- Consumers are predicted to spend $130 billion during the upcoming holiday shopping weekend, up 4% from last year, according to a new ICSC Thanksgiving weekend intentions survey. Ninety percent of consumers plan to shop in the period between Thanksgiving Day and Cyber Monday.
- While seven in 10 consumers plan to take advantage of discounts on essential items, 71% of respondents said they are researching items in advance to find the best discounts. Nearly two-thirds (64%) of survey respondents said price and value are the critical factors for deciding where to shop during Thanksgiving weekend, according to the survey results.
- The survey also found that 56% of consumers plan to buy their holiday goods online and pick them up in-store to avoid shipping delays, up from 48% a year ago. Three in five consumers plan to buy their holiday purchases in-store or use buy online, pick up in store services to avoid shipping headaches.
Dive Insight:
The ICSC’s latest report builds upon previous research suggesting consumers may spend more during this holiday season. A September report from Deloitte predicted that shoppers could drive between 3.5% and 4.6% in increased retail sales, amounting to between $1.54 trillion and $1.56 trillion. Plus, the ICSC previously projected a 3.8% bump in retail sales between October and December.
“Shoppers continue to remain optimistic about the upcoming holiday shopping weekend despite inflation,” Tom McGee, president and CEO of ICSC, said in a statement. “While they expect to encounter higher prices this holiday season, they’re turning to smart and savvy shopping techniques to make sure they’re getting the best deals on the things they buy to maximize what they have to spend. We anticipate increased consumer spending and a strong shopping season for retailers during Thanksgiving weekend.”
Some holiday shoppers began buying seasonal purchases last month, with many retailers trying to reach early holiday shoppers. Major retailers, including Target, Amazon and Macy’s, have begun introducing deals weeks before Black Friday and Cyber Monday.